Sensex ends below 33,000 on last day of FY18, loses 206 points as investors trigger sell-off

Indian stock markets closed in negative territory on Wednesday thrashing the two-day straight surge with Sensex slipping below 33,000-mark and Nifty closing near 10,100 level as regional markets hovered in deep red following the pessimism over US-China trade war. The S&P BSE Sensex shed 205.71 points or 0.62% to close at 32,968.68 whereas NSE Nifty lost 62.85 points or 0.62% to settle at 10,121.3 on Wednesday. A slump in heavyweight shares of companies such as Reliance Industries, Infosys, ICICI Bank, ITC, Bharti Airtel, State Bank of India and Tata Steel weighed on the key equity indices. Today, 28 March 2018, was the last day of trading in the financial year 2017-2018.

During the day, the benchmark Sensex tanked as much as 256.73 points to a day’s bottom of 32,917.66. Shares of India’s third-largest IT company Wipro advanced more than 4% to Rs 283.5 on Wednesday emerging as the lead gainers on the BSE Sensex. Other than Wipro, shares of Coal India, Yes Bank, Hero MotoCorp, IndusInd Bank and Kotak Mahindra Bank were the only notable gainers rising up to 2.31%.

Investors are selling technology-related shares on concern governments might tighten scrutiny over Facebook after it was revealed that users’ data was shared with a consulting firm affiliated with President Donald Trump, Associated Press said in a report. Among the Asian markets, Japan’s Nikkei index lost 1.3% to 21,031.31; South Korea’s Kospi ended down 1.3% to 2,419.29; Hong Kong’s Hang Seng index slumped 2.5% to 30,022.53 while China’s Shanghai Composite Index dropped 1.4% to 3,122.29 on Wednesday.

Stocks toppled again on Wednesday, as jitters about a US-China trade war and the regulatory crackdown on firms such as Facebook left investors facing their first quarterly fall in equity markets in two years, Reuters said in a report. Europe’s main bourses opened more than 1% in the red as the fifth sell-off in six days gathered momentum and sent risk-averse traders piling back to the safety of bond markets, Reuters added.

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